Young’s Seafood said that profitability improved during 2013 thanks to a “corporate simplification project” and rising sales.
The company said that operating profit in the 12 months to 30 September rose to GBP20.4m. Changes to the firm’s financial calendar mean that the prior fiscal was only nine-months long. During the 2012 financial year operating profit totalled just GBP7m.
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2013 EBITDA totalled GBP31.8m, up from GBP17.4m in the nine month period of 2012. This, the company said, represented an increase in margins to 11.0% for 2013, up from 9.3% in 2012.
“This improvement reflects underlying business progress and was achieved through comprehensive restructuring and operational rigour,” Young’s said. “The bottom line profit of the company also benefited from a number of intercompany transactions relating to the next phase of a corporate simplification project.”
Sales during the 12 months rose to GBP582.7m, compared to GBP425m in the nine-months of 2012. Revenue gains were driven by a “strong” performance in chilled fish sales, the integration of trade from Ocean Pure Limited, previously Cumbrian Seafoods, and the introduction of various newly developed product lines such as Young’s branded Gastro range.
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By GlobalData
